Forex Today: Coronavirus weight on growth keeping investors on the back foot
|Here is what you need to know on Monday, February 17th:
- US data released on Friday was mixed, with Retail Sales up by 0.3% but the core reading disappointing by holding flat, while Industrial Production fell in January. Michigan’s Consumer Sentiment jumped to 100.9 in February according to preliminary estimates, beating expectations and partially offsetting the negative headlines.
- During the weekend, China reported that there were 68,500 cases of coronavirus, while the death toll rose to 1,669. A Chinese woman died in France, the first death reported in Europe. Concerns likely to keep the market in risk-off mode.
- EUR/USD remained pressured and settled at its lowest since April 2017 as Germany Q4 GDP showed that the economy didn’t grow in the three months to December.
- GBP/USD flirted with 1.300 but bounced, holding on to Cabinet reshuffle-related gains.
- Gold prices benefited for increased demand for safety. Spot gold settled at $1,583.74 a troy ounce.
- Crude oil prices edged higher at the end of the week, as Russian oil producers favour extending production cuts.
- Cryptocurrency market update: Ethereum stands tall amid broad crypto correction
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